Special Needs Trusts in Arizona
Special needs trusts, also known as supplemental needs trusts, are legal arrangements that are designed to provide financial support to individuals with disabilities without jeopardizing their eligibility for government benefits such as Medicaid and Supplemental Security Income (SSI). In Arizona, there are different types of special needs trusts, including:
First-Party Special Needs Trust: A first-party special needs trust is created with the assets of the person with disabilities. This type of trust is often used when a person with disabilities receives a large settlement or inheritance and needs to preserve their eligibility for government benefits.
Third-Party Special Needs Trust: A third-party special needs trust is created with the assets of someone other than the person with disabilities, such as a family member. This type of trust is often used as part of estate planning to provide for the long-term care of a loved one with disabilities.
Pooled Trust: A pooled trust is a type of trust that is managed by a nonprofit organization. Funds from multiple beneficiaries are pooled together for investment purposes, but each beneficiary has a separate account within the trust. Pooled trusts can be either first-party or third-party trusts.
Special needs trusts can be used to provide for a wide range of expenses, including housing, medical care, education, transportation, and other support services. The trustee of the trust is responsible for managing the assets and distributing them to the beneficiary in accordance with the terms of the trust.
It's important to work with an experienced attorney who stays current with the laws related to special needs planning to set up a special needs trust in Arizona. The attorney can help you understand the legal requirements for setting up the trust and ensure that it complies with federal and state laws.
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Address: 1747 East Morten Avenue, Suite 105, Phoenix, AZ 85020
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Emily R. Taylor is an attorney licensed by the State Bar of Arizona. Emily Taylor practices in the areas of Special Needs Planning, Guardianships (and its alternatives), Estate Planning, and Special Needs Trusts. The office of Emily R. Taylor, Attorney PLLC is located in Phoenix, Arizona. Emily Taylor is available to consult on legal matters throughout the state of Arizona.
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